Pearlmark was granted a $125m loan to refinance Tower 56 in Midtown Manhattan. NKF Capital Markets secured the funding through Blackstone. Proceeds will be used to retire existing debt and will include a future funding component to support leasing costs during the loan term. The 33-story, class A office building encompasses 186,811 sq ft. The building is currently 92 percentleased. “Pearlmark’s extensive capital improvement program has further positioned Tower 56 as a top destination for tenants in the Plaza District,” said Jordan Roeschlaub, vice chairman of NKF.
